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Building a strong AML culture

Building a strong AML culture

Does your organisation have a strong or weak ‘AML culture’? An organisation’s AML/CFT controls can be weakened by a poor AML culture. KPMG’s Forensic team have identified seven building blocks essential for a strong AML culture.

Highlights

Also on KPMG.com

An organisation’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) controls can be easily undermined by a poor culture of compliance. Strong AML culture in an organisation can help prevent shortcomings and help identify issues before they become a concern.

For an organisation to develop strong AML culture, management buy-in and involvement is critical. Managing ML/TF risks and implementing integrated controls to meet compliance objectives should not be done in isolation.

Even where systems and controls are in place to comply with AML/CFT requirements, they can be circumvented, or minimum effort may be taken to "tick a compliance box" rather than actually mitigating risk.

Our Forensic team have identified seven building blocks essential to building a strong AML culture.

Tone from the top

Leadership engagement

Quality monitoring

Balanced interests

Sufficient resourcing

Business-as-usual

Training and communication

The infographic below provide further explanation to each of the 7 building blocks.